INCLINE VILLAGE, Nev., Sept. 19, 2023 (GLOBE NEWSWIRE) -- Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in the U.S., announced today that it is expanding its footprint with the opening of a new division in Utah. Operations will be based in the greater Salt Lake City region, one of the most consistently strong housing markets in the country.
Tri Pointe Homes’ strategic expansion capitalizes on the rapid population and job growth that Utah has been experiencing for more than a decade and that is a key driver of housing demand. According to U.S. Census Bureau data, Utah was one of the country’s fastest growing states from 2010-2020, while its unemployment rate is one of the lowest in the nation, according to the U.S. Bureau of Labor Statistics.
“We conducted in-depth research into the Utah market leading up to our expansion into the region,” said Tom Mitchell, president and chief operating officer of Tri Pointe Homes. “We are a growth company that looks closely at each new market’s fundamentals and carefully analyzes how we can best execute on them. When studying the Utah market, we saw clearly how Tri Pointe Homes’ model of being a customer driven, premium lifestyle builder will fill a need in a very strong market. We are excited to announce our expansion into Utah and are confident it will prove to be a successful strategic move for Tri Pointe Homes.”
“Utah’s consistently strong housing market is fueled by its diverse economy, which provides a runway for long-term growth,” said Ken Krivanec, who has been named as president of the new division. Krivanec, who has served as division president for Tri Pointe Homes’ Washington division for 12 years, will serve in a dual president role. “The state is home to a large number of different industries, including tech, life-sciences, aerospace, financial services and energy/natural resources. This diversity has led to one of the strongest job growth markets in the country which coincides with an ever-increasing demand for housing.
“Utah, like the rest of the country, has a severe housing shortage, which has been exacerbated by existing homeowners who are unwilling to sell and give up their low interest rate mortgages,” said Krivanec. “At the same time, new home builders have pulled back on housing starts, which has created an even greater shortage. We believe that this presents Tri Pointe with an ideal opportunity to apply our Best of Big and Small pillar when expanding into Utah and to successfully leverage the unbalanced supply and demand conditions in the market.”
A key pillar that helps Tri Pointe Homes succeed in diverse markets across the country, the Best of Big and Small means that each of the company’s regional divisions are led by market experts who are empowered to make decisions on a local level while having the financial backing and resources of one of the largest public homebuilding operations in the country.
“Ken is the ideal leader to launch our new Utah division,” said Mitchell. “Having been raised in Utah, working in the industry there previously, and regularly travelling over the last decade between the Washington and Utah markets, Ken has deep ties and a profound understanding of the market. Ken is a strategic and collaborative leader who has the backing of a highly qualified and engaged team in Washington, which will allow him to take on this expanded leadership role focusing first on land and talent acquisition and contribute in a significant way to Tri Pointe Homes’ strategic growth in both the Washington and Utah markets.”
About Tri Pointe Homes®
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company and a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities in 10 states, with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards, was named one of the 2023 Fortune 100 Best Companies to Work For®, and was designated as one of the 2023 PEOPLE Companies That Care®. The company was also named as a Great Place To Work-Certified™ company for three years in a row (2021 through 2023), and was named on several Great Place To Work® Best Workplaces lists in 2022 and 2023. For more information, please visit TriPointeHomes.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9d3dd2d-a006-462b-b7d6-d3629c183dfa
